Cryptic ball: let's chat a bit.
Bitcoin continues to hover around $30k, despite falling to the bottom of the tight range it has been trading for the past ten days, i.e. between $28.5k and $30.5k. Meantime, some stocks are crashing hard. Should we be worried?
- Initially, the equities carnage was confined to companies with poor earnings reports, such as Snap or Abercrombie & Fitch. The first fell 43% today and the former nearly 30%, eventually dragging down the wider stock market.
- Still, we haven't revisited Friday's yearly lows (yet) and the relief rally is still possible - even if that prospect looks quite bleak, especially after Michael Burry (the Big Short guy) tweeted today about some kind of impending doom.
- Overall, tech stocks are still overvalued and continue to display historically high P/E ratios. That's why they are displaying the volatility associated with shitcoins in the 2013 bull run! Let's just hope ARK doesn't go bust for now.
- Back to crypto, it's clear the whole market is waiting for bitcoin and the original cryptoasset is waiting for the S&P 500. Keep a close eye on the range highlighted in today's chart and be patient: an opportunity will present itself!
Chart art: let's range a bit.
Three things: let's survive a bit.
- Fuse Pass made a playbook for landing a non-dev web3 job.
- Zach Davidson breaks down the key ideas from Vitalik's latest essay.
- The DeFi Edge curated the top 20 tips to survive a crypto bear market.